"This is a valuable and comprehensive treatise on TBTF, a critically important policy issue that needs to be addressed well before another banking or financial crisis occurs. Policymakers, regulators, government officials, legislators, and private financial companies should read and heed the authors' analysis and recommendations." Richard M. Kovacevich, Chairman, Wells Fargo
"This book should be required reading for all policy makers. Highly recommended." R J Phillips, Choice
"This short book lucidly explains the moral hazard problem that plagues large financial institutions policymakers deem too big to fail...[it] contains something of interest for everyone." Peter T. Leeson, George Mason University, Journal of Economic Behavior and Organization
"In this clearly prophetic book, Gary H. Stern and Ron J. Feldman examine the "too big to fail" doctrine, and show how policymakers made the financial system riskier by implicitly promising to bail out the biggest banking institutions. This book is recommended reading for anyone seriously interested in understanding the calculus of financial policymakers, financial system risk, and the tilted playing field that benefits huge, risky banks and their shareholders." getAbstract
"Stern and Feldman have written an important book on the too-big-to-fail problem....This book deserves to be widely read in the banking regulation and supervisory world." Frederic Mishkin, Journal of Economic Literature
Gary H. Stern is president and chief executive officer of the Federal Reserve Bank of Minneapolis. Ron Feldman is senior vice president at the Federal Reserve Bank of Minneapolis. Paul A. Volcker was chairman of the Federal Reserve from 1979 to 1987.